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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

xQUARTERLY REPORT
UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the
quarter ended September 30, 2008

oTRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the
transition period from _____ to _____

Commission File Number: 333-151419

|                                                                 
|-----------------------------------------------------------------
|FENARIO, INC.                                                    
|                                                                 
|(Exact name of small business issuer as specified in its charter)

|                         |  |                         
|------------------------ |  | ------------------------
|Nevada                   |  | 26-0299388              
|                         |  |                         
|(State of incorporation) |  | (IRS Employer ID Number)

|                                                                                   
|-----------------------------------------------------------------------------------
|410 Park Avenue, 15th Floor                                                        
|New York, New York 110022                                                          
|                                                                                   
|(Address of principal executive offices)                                           
|                                                                                   
|(888) 251-3422                                                                     
|                                                                                   
|(Issuers telephone number)                                                        
|                                                                                   
|                                                                                   
|                                                                                   
|(Former name, former address and former fiscal year, if changed since
 last report)

Check whether
the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes x    No o

Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See definitions
of large accelerated filer, accelerated filer and smaller reporting company
in Rule 12b-2 of the Exchange Act. (Check one):

|                                               |   |  |                            |  
|---------------------------------------------- | - |  | -------------------------- | -
|Large
 accelerated filer                       | o |  | Accelerated
 filer         | o
|Non-accelerated
 filer                         | o |  | Smaller
 reporting company | x
|(Do not
 check if a smaller reporting company) |   |  |                           

Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Exchange Act). Yes x    No o

As of November 7, 2008, 9,000,000 shares of common stock, par value $0.0001 per share, were
outstanding.

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TABLE OF CONTENTS

|                                                                    |     
|------------------------------------------------------------------- | ----
|                                                                    | Page
|                                                                    |     
|PART I                                                              |     
|Item 1. Financial Statements                                        | 1   
|Item 2. Managements Discussion and Analysis or Plan of Operation   | 7   
|Item 3 Quantitative and Qualitative Disclosures About Market Risk   | 8   
|Item 4 Controls and Procedures                                      | 8   
|                                                                    |     
|PART II                                                             |     
|Item 1. Legal Proceedings                                           | 9   
|Item 1A. Risk Factors                                               | 9   
|Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 9   
|Item 3. Defaults Upon Senior Securities                             | 10  
|Item 4. Submission of Matters to a Vote of Security Holders         | 10  
|Item 5. Other Information                                           | 10  
|Item 6. Exhibits                                                    | 10  

---



PART I
FINANCIAL INFORMATION

|        |                      
|------- | ---------------------
|Item 1. | Financial Statements.

FENARIO, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEET

|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | ------------------ | ------- | - |  | -------------- | - | ------ | - | 
|                                                                                                                                                  |  |  | September 30, 2008 |         |   |  | March 31, 2008 |   |       
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |       
|                                                                                                                                                  |  |  | (Unaudited)        |         |   |  |                |   |        |  
|ASSETS                                                                                                                                           
|Current Assets:                                                                                                                                   |  |  |                    |         |   |  |                |   |        |   | 
|Cash                                                                                                                                              |  |  | $                  | 1,500   |   |  |                | $ | 32,150 |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Current Assets                                                                                                                              |  |  |                    | 1,500   |   |  |                |   | 32,150 |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Deferred Offering Costs                                                                                                                           |  |  |                    |        |   |  |                |   | 7,500  |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Assets                                                                                                                                      |  |  | $                  | 1,500   |   |  |                | $ | 39,650 |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                             
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Current Liabilities:                                                                                                                              |  |  |                    |         |   |  |                |   |        |   | 
|Accounts Payable                                                                                                                                  |  |  | $                  | 500     |   |  |                | $ | 2,000  |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Current Liabilities                                                                                                                         |  |  |                    | 500     |   |  |                |   | 2,000  |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Liabilities                                                                                                                                 |  |  |                    | 500     |   |  |                |   | 2,000  |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Commitments and Contingencies                                                                                                                     |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Stockholders Equity:                                                                                                                             |  |  |                    |         |   |  |                |   |        |   | 
|Preferred Stock, $.0001 par value;
 5,000,000 shares authorized, none issued and outstanding                                                      |  |  |                    |        |   |  |                |   |       |   | 
|Common Stock, $.0001 par value; 500,000,000
 shares authorized, 9,000,000 shares issued and outstanding at September 30,
 2008 and March 31, 2008 |  |  |                    | 900     |   |  |                |   | 900    |   | 
|Additional Paid-In Capital                                                                                                                        |  |  |                    | 39,600  |   |  |                |   | 39,600 |   | 
|Deficit Accumulated During the Development
 Stage                                                                                                 |  |  |                    | (39,500 | ) |  |                |   | (2,850 | ) | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Stockholders Equity                                                                                                                        |  |  |                    | 1,000   |   |  |                |   | 37,650 |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 
|Total Liabilities and Stockholders Equity                                                                                                        |  |  | $                  | 1,500   |   |  |                | $ | 39,650 |   | 
|                                                                                                                                                  |  |  |                    |         |   |  |                |   |        |   | 

The accompanying
notes are an integral part of these financial statements.

1

---



FENARIO, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF OPERATIONS(Unaudited)

|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|------------------------------------------ |  |  | -------------------------- | --------- | - |  | -------------------------------------------- | - | --------- | -------------------------------------- |  | ---- | -------------------------------------------- | - | ------------------ | --------- |  |  | - | ------- | - | 
|                                           |  |  | For the
 Six Months
 Ended |           |   |  | For the Period
 May 11, 2007
 (Inception) to |   |           | For the
 Quarters Ended
 September 30, |  |      | For the Period
 May 11, 2007
 (Inception) To |   |                   
|                                           |  | 
|                                           |  |  | September 30, 2008         |           |   |  | September 30, 2007                           |   |           | 2008                                   |  | 2007 |                                              |   | September 30, 2008 |           | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           | 
|                                          
|Net Revenues                               |  |  | $                          |          |   |  |                                              | $ |          |                                        |  | $    |                                             |   | $                  |          |  |  | $ |        |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Costs and Expenses:                        |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Professional Fees                          |  |  |                            | 34,360    |   |  |                                              |   |          |                                        |  |      | 589                                          |   |                    |          |  |  |   | 36,360  |   | 
|Other Expenses                             |  |  |                            | 2,290     |   |  |                                              |   | 500       |                                        |  |      | 1,677                                        |   |                    |          |  |  |   | 3,140   |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Total Costs and Expenses                   |  |  |                            | 36,650    |   |  |                                              |   |          |                                        |  |      | 2,266                                        |   |                    |          |  |  |   | 39,500  |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Net Loss                                   |  |  | $                          | (36,650   | ) |  |                                              | $ | (500      | )                                      |  | $    | (2,266                                       | ) | $                  |          |  |  | $ | (39,500 | ) | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Basic and Diluted Loss Per Share           |  |  | $                          | (.00      | ) |  |                                              | $ | 0.00      |                                        |  | $    | (.00                                         | ) | $                  | 0.00      |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 
|Weighted Average Common Shares Outstanding |  |  |                            | 9,000,000 |   |  |                                              |   | 5,000,000 |                                        |  |      | 9,000,000                                    |   |                    | 5,000,000 |  |  |   |         |   | 
|                                           |  |  |                            |           |   |  |                                              |   |           |                                        |  |      |                                              |   |                    |           |  |  |   |         |   | 

The accompanying notes are an
integral part of these financial statements.

2

---



FENARIO, INC. 
(A DEVELOPMENT STAGE COMPANY) 
CONDENSED STATEMENT OF STOCKHOLDERS EQUITY 
FOR THE PERIOD MAY 11, 2007 (INCEPTION) TO SEPTEMBER 30, 2008

|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|------------------------------------------------------------------------- |  | ------------ | --------- | ---------------------------- | - | --- | --------------------------------------------------- | - | ------ | ----- |  | - | ------- | - |  | - | ------- | -
|                                                                          |  |              |           | Additional
 Paid-In
 Capital |   |     | Deficit
 Accumulated
 During the
 Development Stage |   |        | Total | 
|                                                                          |  |              |           |                              |   |    
|                                                                          |  | Common Stock |           |                              |   |    
|                                                                          |  | Shares       |           | Amount                       |   |     |                                                     |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |        
|Balance, May 11, 2007                                                     |  |              |          |                              | $ |    |                                                     | $ |       |       |  | $ |        |   |  | $ |        |  
|                                                                         
|Common Stock Issued to Founder at $.0001
 per share, May 2007             |  |              | 5,000,000 |                              |   | 500 |                                                     |   |       |       |  |   |        |   |  |   | 500     |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|Common Stock Issued to Private Investors at
 $.01 Per Share, January 2008 |  |              | 4,000,000 |                              |   | 400 |                                                     |   | 39,600 |       |  |   |        |   |  |   | 40,000  |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|Net Loss for the Period                                                   |  |              |          |                              |   |    |                                                     |   |       |       |  |   | (2,850  | ) |  |   | (2,850  | )
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|Balance, March 31, 2008                                                   |  |              | 9,000,000 |                              |   | 900 |                                                     |   | 39,600 |       |  |   | (2,850  | ) |  |   | 37,650  |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|Net Loss for the Six Months Ended September 30, 2008
(Unaudited)          |  |              |          |                              |   |    |                                                     |   |       |       |  |   | (36,650 | ) |  |   | (36,650 | )
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  
|Balance, September 30, 2008 (Unaudited)                                   |  |              | 9,000,000 |                              | $ | 900 |                                                     | $ | 39,600 |       |  | $ | (39,500 | ) |  | $ | 1,000   |  
|                                                                          |  |              |           |                              |   |     |                                                     |   |        |       |  |   |         |   |  |   |         |  

The
accompanying notes are an integral part of these financial statements.

3

---



FENARIO, INC. 
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENT OF CASH FLOWS(Unaudited)

|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|---------------------------------------------------------------------------- |  |  | --------------------------------------------- | ------- | - |  | ---------------------------------------------------------------- | - | ---- | - | ---------------------------------------------------------------- |  | - | ------- | - | 
|                                                                             |  |  | For the
 Six Months Ended
 September 30, 2008 |         |   |  | For the Period
 May 11, 2007
 (Inception) to
 September 30, 2007 |   |      |   | For the Period
 May 11, 2007
 (Inception) to
 September 30, 2008 |  |  
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |  
|Cash Flows from Operating Activities:                                        |  |  |                                               |         |   |  |                                                                  |   |      |  
|Net Loss                                                                     |  |  | $                                             | (36,650 | ) |  |                                                                  | $ | (500 | ) |                                                                  |  | $ | (39,500 | ) | 
|Adjustments to Reconcile Net Loss to Net
 Cash Used in Operating Activities: |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Changes in Assets and Liabilities:                                           |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Decrease in Deferred Offering Costs                                          |  |  |                                               | 7,500   |   |  |                                                                  |   |     |   |                                                                  |  |   |        |   | 
|Increase (Decrease) in Accounts Payable                                      |  |  |                                               | (1,500  | ) |  |                                                                  |   |     |   |                                                                  |  |   | 500     |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Net Cash Used in Operating Activities                                        |  |  |                                               | (30,650 | ) |  |                                                                  |   | (500 | ) |                                                                  |  |   | (39,000 | ) | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Cash Flows from Investing Activities:                                        |  |  |                                               |        |   |  |                                                                  |   |     |   |                                                                  |  |   |        |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Cash Flows from Financing Activities:                                        |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Proceeds from Sale of Common Stock                                           |  |  |                                               |        |   |  |                                                                  |   | 500  |   |                                                                  |  |   | 40,500  |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Net Cash Provided by Financing Activities                                    |  |  |                                               |        |   |  |                                                                  |   | 500  |   |                                                                  |  |   | 40,500  |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Increase (Decrease) in Cash                                                  |  |  |                                               | (30,650 | ) |  |                                                                  |   |     |   |                                                                  |  |   | 1,500   |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Cash  Beginning of Period                                                   |  |  |                                               | 32,150  |   |  |                                                                  |   |     |   |                                                                  |  |   |        |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Cash  End of Period                                                         |  |  | $                                             | 1,500   |   |  |                                                                  | $ |     |   |                                                                  |  | $ | 1,500   |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Supplemental Disclosures of Cash Flow
 Information:                          |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Interest Paid                                                                |  |  | $                                             |        |   |  |                                                                  | $ |     |   |                                                                  |  | $ |        |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 
|Income Taxes Paid                                                            |  |  | $                                             |        |   |  |                                                                  | $ |     |   |                                                                  |  | $ |        |   | 
|                                                                             |  |  |                                               |         |   |  |                                                                  |   |      |   |                                                                  |  |   |         |   | 

The accompanying notes are an
integral part of these financial statements.

4

---



FENARIO, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

|          |                                        
|--------- | ---------------------------------------
|NOTE 1  - | Organization
 and Basis of Presentation

Fenario,
Inc. (the Company) was incorporated on May 11, 2007 under the laws of the
State of Nevada. The Company has selected March 31 as its fiscal year.

The
Company has not yet generated revenues from planned principal operations and is
considered a development stage company as defined in Statement of Financial
Accounting Standards (SFAS) No. 7. The Company is focused on developing and
licensing proprietary software solutions for healthcare providers, health care
professionals and health insurance companies. There is no assurance, however,
that the Company will achieve its objectives or goals.

In
the opinion of the Companys management, the accompanying unaudited condensed
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to present fairly the information set forth
therein. These financial statements are condensed and therefore do not include
all of the information and footnotes required by accounting principles
generally accepted in the United States of America for complete financial
statements.

Results
of operations for interim periods are not necessarily indicative of the results
of operations for a full year.

The
Company is a development stage company and has not commenced planned principal
operations. The Company had no revenues and incurred a net loss of $36,650 for
the six months ended September 30, 2008 and a net loss of $39,500 for the
period May 11, 2007 (inception) to September 30, 2008. These factors raise
substantial doubt about the Companys ability to continue as a going concern.

There
can be no assurance that sufficient funds will be generated during the next
year or thereafter from operations or that funds will be available from
external sources such as debt or equity financings or other potential sources.
The lack of additional capital could force the Company to curtail or cease
operations and would, therefore, have a material adverse effect on its
business. Furthermore, there can be no assurance that any such required funds,
if available, will be available on attractive terms or that they will not have
a significant dilutive effect on the Companys existing stockholders.

The
Company is attempting to address its lack of liquidity by raising additional
funds, either in the form of debt or equity or some combination thereof. There
can be no assurances that the Company will be able to raise the additional
funds it requires.

The
accompanying condensed financial statements do not include any adjustments
related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should
the Company be unable to continue as a going concern.

5

---



FENARIO, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

|          |             
|--------- | ------------
|NOTE 2  - | Common Stock

In
May 2007 the Company issued 5,000,000 shares of common stock to the Founder for
$500.

In
January 2008 the Company sold 4,000,000 shares of common stock to private
investors at $.01 per share for gross proceeds of $40,000.

|          |                 
|--------- | ----------------
|NOTE 3  - | Preferred
 Stock

The
Companys Board of Directors may, without further action by the Companys
stockholders, from time to time, direct the issuance of any authorized but
unissued or unreserved shares of preferred stock in series and at the time of
issuance, determine the rights, preferences and limitations of each series. The
holders of preferred stock may be entitled to receive a preference payment in
the event of any liquidation, dissolution or winding-up of the Company before
any payment is made to the holders of the common stock. Furthermore, the board
of directors could issue preferred stock with voting and other rights that could
adversely affect the voting power of the holders of the common stock.

|          |                         
|--------- | ------------------------
|NOTE 4  - | Deferred
 Offering Costs

Deferred
offering costs of $7,500 related to a proposed offering of common stock by the
Company were written off during the quarter ended June 30, 2008 as professional
fees since such proposed offering was terminated on July 23, 2008.

6

---



|        |                                                            
|------- | -----------------------------------------------------------
|Item 2. | Managements Discussion and Analysis or Plan of Operations.

As used in
this Form 10-Q, references to the Fenario, Company, we, our or us
refer to Fenario, Inc. Unless the context otherwise indicates.

Forward-Looking Statements

The following
discussion should be read in conjunction with our financial statements, which
are included elsewhere in this Form 10-Q (the Report). This Report contains
forward-looking statements which relate to future events or our future
financial performance. In some cases, you can identify forward-looking
statements by terminology such as may, should, expects, plans,
anticipates, believes, estimates, predicts, potential or
continue
or the negative of these terms or other comparable terminology. These
statements are only predictions and involve known and unknown risks,
uncertainties, and other factors that may cause our or our industrys actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

For a
description of such risks and uncertainties refer to our Registration Statement
on Form S-1, filed with the Securities and Exchange Commission on June 4, 2008.
While these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggested herein. Except as required by applicable law,
including the securities laws of the United States, we do not intend to update
any of the forward-looking statements to conform these statements to actual
results.

Overview

Fenario, Inc.
is a development stage company which was incorporated on May 11, 2007 in the
state of Nevada. We have not generated any revenue to date and are a
development stage company. We are focused on developing and licensing
proprietary software solutions for healthcare providers, health care
professionals and health insurance companies. Currently, there is an increasing
focus on medical cost containment within the medical community and the general
population as a whole. We hope to offer advanced clinical, financial and
management information software which is focused on enabling the real time
automation of routine patient transactions. This offering will provide us with
an infrastructure platform to effectuate our business plan.

7

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Plan of Operation

Over the
course of the next twelve month period we plan to focus our efforts on software
development with the objective of creating a beta practice management program
which will be designed to automate and streamline a number of administrative
functions required for operating a medical organization/practice. We recognize that
our current management and Board of Directors do not have sufficient business
planning experience to create these systems. Accordingly, it is our intention
to seek out a consulting firm(s) and programmers that specializes in this
arena. Additionally, we will utilize this time period to actively seek out
qualified individuals who can assume key management positions to assist the
company in attaining its stated goals.

Liquidity and
Capital Resources

Our balance
sheet as of September 30, 2008 reflects cash in the amount of $1,500. Cash and
cash equivalents from inception to date have been sufficient to provide the
operating capital necessary to operate to date.

We do not have
sufficient resources to effectuate our business. We expect to incur a minimum of
$60,000 in expenses during the next twelve months of operations. We estimate
that this will be comprised mostly of professional fees including; $40,000
towards software development, $5,000 towards marketing materials and website.
Additionally, $15,000 will be needed for general overhead expenses such as for
reimbursed expenses, corporate legal and accounting fees, office overhead and
general working capital. Accordingly, we will have to raise the funds to pay
for these expenses. We might do so through a private offering after this
registration statement is declared effective and our shares are quoted on the
Over the Counter Bulletin Board. We potentially will have to issue debt or
equity or enter into a strategic arrangement with a third party. There can be
no assurance that additional capital will be available to us. We currently have
no agreements, arrangements or understandings with any person to obtain funds
through bank loans, lines of credit or any other sources.

Going
Concern Consideration

During the six
months ended September 30, 2008, we had no revenues and incurred a net loss of
$36,650 and a net loss of $36,500 for the period May 11, 2007 (inception) to
September 30, 2008. These factors raise substantial doubt about the Companys
ability to continue as a going concern.

Off-Balance Sheet
Arrangements

We have no
off-balance sheet arrangements.

|                 |                                                            
|---------------- | -----------------------------------------------------------
|Item 3.          | Quantitative and Qualitative Disclosures About Market Risk.
|                 |                                                            
|Not
 applicable.
|                
|Item 4.          | Controls and Procedures.                                   

Disclosure Controls and Procedures

8

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Our disclosure
controls and procedures are designed to ensure that information required to be
disclosed in reports that we file or submit under the Securities Exchange Act
of 1934 is recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the United States Securities and Exchange
Commission. Our principal executive officer and principal financial officer has
reviewed the effectiveness of our disclosure controls and procedures (as
defined in the Securities Exchange Act of 1934 Rules 13(a)-15(e) and
15(d)-15(e)) within the end of the period covered by this Quarterly Report on
Form 10-Q and has concluded that the disclosure controls and procedures are
effective to ensure that material information relating to the Company is
recorded, processed, summarized, and reported in a timely manner. There were no
significant changes in our internal controls or in other factors that could
significantly affect these controls subsequent to the last day they were evaluated
by our principal executive officer and principal financial officer.

Changes in Internal Controls over Financial
Reporting

There have
been no changes in the Companys internal control over financial reporting
during the last quarterly period covered by this report that have materially
affected, or are reasonably likely to materially affect, the Companys internal
control over financial reporting.

PART II
OTHER INFORMATION

|                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                             
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------
|Item 1.                                                                                                                                                                                                                                                                                                                                                                                                                               | Legal Proceedings.                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                             
|There are no
 pending legal proceedings to which the Company is a party or in which any
 director, officer or affiliate of the Company, any owner of record or
 beneficially of more than 5% of any class of voting securities of the
 Company, or security holder is a party adverse to the Company or has a material
 interest adverse to the Company. The Companys property is not the subject of
 any pending legal proceedings.
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Item 1A.                                                                                                                                                                                                                                                                                                                                                                                                                              | Risk Factors                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                             
|Smaller
 reporting companies are not required to provide the information required by
 this item.                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                             
|Item 2.                                                                                                                                                                                                                                                                                                                                                                                                                               | Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered
Sales of Equity Securities

None.

Purchases
of equity securities by the issuer and affiliated purchasers

None.

9

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Use
of Proceeds

None

|                                                                                                               |                                                     
|-------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------
|Item 3.                                                                                                        | Defaults Upon Senior Securities.                    
|                                                                                                               |                                                     
|None.                                                                                                          |                                                     
|                                                                                                               |                                                     
|Item 4.                                                                                                        | Submission of Matters to a Vote of Security Holders.
|                                                                                                               |                                                     
|There was no
 matter submitted to a vote of security holders during the nine months ended
 September 30, 2008.
|                                                                                                              
|Item 5.                                                                                                        | Other Information.                                  
|                                                                                                               |                                                     
|None                                                                                                           |                                                     
|                                                                                                               |                                                     
|Item 6.                                                                                                        | Exhibits                                            

|              |  |                                                                                                                                               
|------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 
 No. |  | Description                                                                                                                                   
|              |  |                                                                                                                                               
|31.1          |  | Rule
 13a-14(a)/15d-14(a) Certifications of Uziel Leibowitz, the President, Chief
 Executive Officer, Treasurer and Director (attached hereto)
|              |  |                                                                                                                                               
|32.1          |  | Section 1350
 Certifications of Uziel Leibowitz, the President, Chief Executive Officer,
 Treasurer and Director (attached hereto)            

10

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SIGNATURES

In accordance
with to requirements of the Exchange Act, the registrant caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

|                          |               |        |                                                          
|------------------------- | ------------- | ------ | ---------------------------------------------------------
|                          | FENARIO, INC.
|                          |               |        |                                                          
|Dated:
 November 10, 2008 |               | By:    | /s/ Uziel
 Leibowitz                                     
|                          |               |        |                                                          
|                          |               | Name:  | Uziel
 Leibowitz                                         
|                          |               | Title: | President,
 Chief Executive Officer,                     
|                          |               |        | Treasurer
 and Director                                  
|                          |               |        | (Principal
 Executive, Financial and Accounting
 Officer)

11

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